Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its holdings in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 28.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,584,922 shares of the company's stock after selling 1,814,323 shares during the period. Legal & General Group Plc owned about 0.27% of Tencent Music Entertainment Group worth $52,039,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of TME. State Street Corp lifted its stake in shares of Tencent Music Entertainment Group by 1.3% in the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company's stock valued at $154,499,000 after purchasing an additional 166,225 shares during the period. MML Investors Services LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth approximately $170,000. Barclays PLC grew its stake in shares of Tencent Music Entertainment Group by 5.8% in the 3rd quarter. Barclays PLC now owns 762,650 shares of the company's stock worth $9,189,000 after buying an additional 41,990 shares during the last quarter. Geode Capital Management LLC increased its position in Tencent Music Entertainment Group by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company's stock valued at $51,405,000 after buying an additional 93,719 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the 3rd quarter valued at approximately $64,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Trading Down 3.4 %

Shares of NYSE:TME traded down $0.43 on Wednesday, hitting $12.36. 5,057,725 shares of the company's stock were exchanged, compared to its average volume of 8,325,115. The business's 50 day simple moving average is $13.22 and its two-hundred day simple moving average is $12.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The stock has a market capitalization of $21.21 billion, a price-to-earnings ratio of 22.89, a price-to-earnings-growth ratio of 0.77 and a beta of 0.50. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77.

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Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, April 24th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.18 per share. This represents a yield of 0.9%. This is a boost from Tencent Music Entertainment Group's previous annual dividend of $0.12. The ex-dividend date of this dividend is Thursday, April 3rd. Tencent Music Entertainment Group's dividend payout ratio is presently 28.81%.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent analyst reports. Mizuho increased their price objective on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, March 18th. Finally, Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of "Moderate Buy" and an average target price of $15.00.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.